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    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Exchanges»Coinbase Jumps as Investors Search for Bottom in Crypto Prices
    Crypto Exchanges

    Coinbase Jumps as Investors Search for Bottom in Crypto Prices

    By Drew Singer
    March 1, 2022By Bloomberg2 Mins ReadNo Comments
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    Coinbase Global Inc. jumped by the most in almost three months on Monday, reversing last week’s decline that was fueled by risk-off sentiment and the company’s warning that trading volumes could drop.

    Shares in the biggest U.S. crytocurrency exchange climbed as much as 8.7% on Monday to $192.23 amid a broader bounce in stocks linked to digital currencies. But the stock remains down around 25% this year due to a flight to haven assets amid the buildup to Russia’s war with Ukraine. 

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    The stock dropped 6.5% last week as Coinbase said trading volume would probably decline during the first quarter. Monday’s rally, which is lifting the shares more than 10% above their 2022 low reached on Jan. 27, arrives amid new speculation that crypto prices have bottomed out and that traders have already priced-in the risks facing the firm. 

    “With cryptocurrency adoption rising and Bitcoin demand still early in the cycle, trading activity at Coinbase should grow and could support a valuation of $400-$600 a share, 17-75% ahead of current levels, even if 2021 results cool from 1Q’s blowout,” Bloomberg Intelligence analyst Julie Chariell wrote in a note on Friday. “Our more-tepid scenario with fewer monthly users and revenue per user, puts shares as low as $200.”

    Shares trade near their lowest levels since direct listing
      

    Among Wall Street analysts, Coinbase has 20 buy ratings, five holds and two sells with an average price target of $305 — implying a roughly 60% upside for the stock over the next year, according to data compiled by Bloomberg.

    The full impact of Russia’s invasion of Ukraine on crypto trading remains to be seen, but the potential for damage is high. Russia has the third-most Bitcoin mining operations in the world, with about 11% of the global hashrate share, Coinbase head of research David Duong wrote in a note.

    “The geopolitical risks priced into risk assets appear to be peaking, with the latest developments suggesting that we may be approaching or have approached a short-term bottom for crypto asset prices,” he wrote.

    A spokesperson for Coinbase declined to comment.

    Read full story on Bloomberg

    Crypto Exchanges Investment
    Previous ArticleBitcoin jumps 8% after Treasury imposes new sanctions against Russian
    Next Article U.S. Prods Crypto Exchanges to Thwart Russia-Sanctions Dodgers

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